BRIDGEPORT, Conn., Feb. 4, 2020 /PRNewswire/ -- People's United
Bank, N.A., a subsidiary of People's United Financial, Inc.
(NASDAQ: PBCT), announced its Healthcare Finance Group
provided a $15.5 million Credit
Facility to Esplanade Capital LLC., an owner and manager of a
portfolio of healthcare facilities, multi-family units, hotels and
retail and commercial office suites, and its joint venture partner
Meridian Senior Living LLC., a developer, manager and owner of
assisted living and memory care facilities throughout the U.S.
The facility provides Esplanade and its joint venture partner,
Meridian, with capital to convert an existing three story
commercial building (formerly a skilled nursing facility), in
Woodmere NY, to a 70-unit memory
care facility.
"We are thrilled to develop a new relationship with Esplanade to
provide them with capital and expertise in support of their efforts
to address the growing need for dedicated memory care facilities,"
said Matthew Huber, SVP, Healthcare
Finance Market Manager, People's United Bank. "As the healthcare
market continues to evolve, companies are demanding a specialized
lending partner who can deliver flexible solutions and a
personalized approach to service, and we look forward to supporting
future growth plans for both Esplanade and Meridian."
"What made People's United an attractive lending partner is
their dedicated Healthcare Finance team and experienced bankers who
understood the unique attributes of financing a memory care
facility. This was a critical component in selecting People's
United, and we are excited to expand our portfolio in the
New York market," said
David Scharf, Managing Partner,
Esplanade Capital LLC.
People's United's Healthcare Finance Division is comprised of
experienced in-market Bankers across the Northeast and Mid-Atlantic
who provide local market-based solutions to non-profit and
for-profit organizations across industries. In addition, their
origination, underwriting and approval of credit facilities of
$5 million and higher provides
companies with funds for acquisitions, construction, equipment,
working capital needs or debt restructuring.
About People's United Bank
People's United Bank, N.A. is a subsidiary of People's United
Financial, Inc., a diversified, community-focused financial
services company headquartered in the Northeast with approximately
$59 billion in assets. Founded in
1842, People's United Bank offers commercial and retail banking
through a network of over 400 retail locations in Connecticut, New
York, Massachusetts,
Vermont, New Hampshire and Maine, as well as wealth management and
insurance solutions. The company also provides specialized
commercial services to customers nationwide.
About Esplanade Capital LLC.
Founded in 2004 and headquartered in New York City, Esplanade Capital owns and
manages a portfolio which includes multifamily units, unique
healthcare facilities, hotels, retail, and commercial office suites
throughout New York City and the
tristate area, as well as several other states. In addition to
their diversified real estate investments, Esplanade and its
principals are invested in key sectors such as shared office space,
healthcare and energy.
About Meridian Senior Living
Meridian Senior Living, a privately held company based in
Bethesda, Maryland, owns and
operates seniors housing communities across the country and
provides operational consulting to 24 communities in China. With more than 70 communities in 21
states and more in development, Meridian is one of the largest
seniors housing operators in the U.S. The company prides itself on
providing the highest quality care, exceptional lifestyle
programming and a distinctive dining experience for its residents.
For more information on Meridian Senior Living, visit
meridiansenior.com.
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SOURCE People's United Bank